Canuc Resources Corp. Closes Private Placement
www.canucresources.ca
6939553 v6
FOR IMMEDIATE RELEASE TSX-V: CDA | CNUCF | WKN: A14 ZX4
May 11th, 2020 Shares Outstanding: 70,764,150
ISIN: CA1389093040
Canuc Resources Corp. Closes Private Placement
Canuc Resources Corporation (“ Canuc” or the “ Company”) (TSX-V: CDA) announces the
closing of a non-brokered Private Placement for gross proceeds of $ 100,000. The closing of this
Private Placement results in issuance of 1,000,000 Units. Each Unit consists of one common share
(“Common Share”) priced at 10 cents and one half of one warrant (“Warrant”). Each Warrant
entitles the holder to purchase one additional Common Share at 15 cents for a period of two years
from the closing of the Private Placement. All securities issued under this Private Placement will
be subject to a hold period expiring four months and one day from the date of closing. Proceeds of
this Private Placement will be used for exploration at the Company’s San Javier Silver-Gold
Project, and for general working capital.
Two Officers of the Company (collectively, the “insiders”) have invested in this Private Placement
subscribing for in aggregate 200,000 Units, or gross proceeds of $ 20,000. The participation of
insiders in the Private Placement constitutes a “related party transaction” within the meaning of
the Multilateral Instrument 61 -101 – Protection of Minority Security Holders in Special
Transactions (“MI 61 -101”) and the policies of the TSX . The Company is relying on the
exemptions from the formal valuation and minority approval requirements contained in sections
5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the private placement by insiders
will not exceed 25% of the fair market value of the Company’s market capitalization. The
Company did not file a material change report at least 21 days prior to the completion of the private
placement since the existence of any placement or insiders’ participation therein was not
determined at that time.
Closing of this Private Placement is subject to final approval by the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Canuc
Canuc is a junior resource company holding the San Javier Silver -Gold Project in Sonora State,
Mexico. The Company generates cash flow from natural gas pro duction at its MidTex Energy
Project in Central West Texas, USA where Canuc has an interest in eight producing gas wells and
has rights for further in field developments. Canuc also has exclusive rights, through a Partnership
Agreement with Ioticiti Networks Inc., to sell Industrial IoT applications and infrastructure in the
Provinces of Alberta and Saskatchewan, Canada and in the State of Texas, USA.
For further information please contact:
www.canucresources.ca
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Canuc Resources Corporation.
(416) 525 – 6869
Forward Looking Information
This news release contains forward -looking information. All information, other than information of historical fact,
constitute “forward -looking statements” and includes any information that addresses activities, events or
developments that the Corporation believes, expects or anticipates will or may occur in the future including the
Corporation’ s strategy, plans or future financial or operating performance.
When used in this news release, the words “ estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”,
“hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended
to identify forward-looking information. The forward-looking information is based on current expectations and applies
only as of the date on which they were made. The factors that could cause actual results to differ materially from those
indicated in such forward -looking information include, but are not limited to, the abili ty of the Corporation to fund
the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government
regulations could also affect the results. Other risks may be set out in the Corporation’ s annual financial statements,
MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such information. Accordingly,
investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation
does not assume any obligation to release publicly any revisions to forward -looking information contained in this
press release to reflect events or circumstances after the date hereof.